Here's a roundup of the restaurant IPOs from 2015 and where they stand as of July 12, 2016.

1. 2015 RESTAURANT IPOs:
WHERE ARETHEY NOW?

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KEY TAKEAWAYS
• Four (4) restaurant companies issued an IPO in 2015
• Shake Shack (SHAK), January 29
• Bojangles’(BOJA), May 17
• Wingstop (WING),June 12
• Fogo de Chao (FOGO),June 19
• In what was touted one of the best years for restaurant IPOs, half of the new restaurants stocks
delivered negative returns
• SHAK, +77.6%
• BOJA, -9.2%
• WING, +50.1%
• FOGO, -31.2%
• If you had purchased $1,000 in each of the restaurant IPOs in 2015 at IPO Share Price ($4,000
total), and held through today,the investment would now be worth $4,873, for an ROI of 21.8%
• If the same $4,000 had been used to purchase Domino’s stock (NYSE:DPZ) on January 3, 2015, the
investment would now be worth $5,814, for an ROI of 45.1% (more than double the IPO investments)
• BOJA,WING & FOGO are listed on the NASDAQ; SHAK – which is significantly outperforming
the other three – is listed on the NSYE
• Shake Shack had the largest Day 1 performance, opening with an IPO Share Price of $21.00 and
closing at $45.90 (+119%)
• Comparatively,after one day of trading,Wingstop had closed +61%, Fogo de Chao
+29%, and Bojangles’+25%
• The current combined market capitalization of these companies is $3.15 billion
• At its peak, Shake Shack could have provided a return on investment of 342%
• Wingstop,which franchises 97% of its locations,operates with the highest EBITDA % of 34.1%

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KEY STOCK & OPERATIONAL PERFORMANCE COMPARISONS
While Bojangles is leading in overall revenue (with a 128.20% quarterly YOY revenue growth) and enterprise value, both Shake Shack
and Wingstop are outperforming in critical investment ratios, including Enterprise Value/Revenue and Enterprise Value/EBITDA. The
upper-scale Fogo de Chao outpaces the competition in regard to both AUV (almost four times greater than the average of the other
three companies) and check average.
SHAK BOJA WING FOGO AVERAGE
TTM Revenue 206.95 M 501.21 M 81.02 M 275.53 M 266.17 M
Enterprise Value 777.7 M 834.18 M 819.81 M 523.72 M 566.12 M
Quarterly Revenue Growth (YOY) 43.30% 128.20% 16.00% 6.00% 48.38%
EBITDA % 10.4% 14.5% 34.1% 17.9% 19.23%
EBITDA $ 21.52 M 72.64 M 27.62 M 49.37 M 42.78 M
Enterprise Value/Revenue 3.76 1.66 10.12 1.9 4.36
Enterprise Value/EBITDA 36.13 11.48 29.68 10.61 21.98
PEG Ratio (5 year expected) 3.39 1.35 2.67 1.4 2.20
Price/Sales (ttm) 6.76 1.26 9.13 1.39 4.64
Trailing P/E 115.76 21.1 62.02 12.94 52.96
Forward P/E 70.51 17.13 41.61 12.55 35.45
Profit Margin 2.59% 6.17% 14.62% 10.59% 8.49%
Operating Margin (ttm) 5.02% 11.53% 30.72% 13.19% 15.12%
Return on Assets (ttm) 2.26% 6.49% 13.49% 4.77% 6.75%
Return on Equity (ttm) 5.02% 19.53% N/A 12.17% 12.24%
Short Ratio 4.7 4.45 11.45 12.19 8.20
Total Unit Count 97 659 663 43 365.50
AUV $2,133,505 $1,838,717 $1,125,549 $6,407,674 $2,876,361
Check Average $10.50 $6.68 $16.00 $59.00 $23.05
Franchised? (if yes, what % of system)
No (Licensed for
International)
Yes, 57% Yes, 97% No
Analysis as of July 12, 2016

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IFYOU HAD INVESTED $1,000 FOR EACH IPO …
What would an investment into these stocks be worth now, assuming they were purchased for the
IPO share price and held until today?
Company Symbol Exchange Offfer Date IPO Value
IPO Share
Price
# of Shares
Offered
# of Shares
Purchased
with $1,000
Current
Share Price
Current
Market Cap
Dividends
Paid
Current Value
of $1,000 of
Stock
Dividends
Earned
Current
Value of
Investment
ROI
Fogo de Chao FOGO NASDAQ 6/19/15 $88.23 M $20.00 4,411,764 50 $13.76 $386.54 M $0.00 $688 $0 $688 -31.2%
Wingstop WING NASDAQ 6/12/15 $110.2 M $19.00 5,800,000 52 $25.97 $737.35 M $2.90 $1,350 $151 $1,501 50.1%
Bojangles' BOJA NASDAQ 5/7/15 $147.30 M $19.00 7,752,632 52 $17.46 $636.61 M $0.00 $908 $0 $908 -9.2%
Shake Shack SHAK NYSE 1/29/15 $105 M $21.00 5,000,000 47 $37.78 $1.3 B $0.00 $1,776 $0 $1,776 77.6%
TOTAL/AVERAGE - - - $450.7 M $19.75 22,964,396 201 $23.75 $3.15 B $0.72 $4,772 $151 $4,873 21.8%
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
2015 Restaurant IPO Stock Performance
SHAK WING FOGO BOJA
Analysis as of July 12, 2016

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-40%
-20%
0%
20%
40%
60%
80%
100%
RETURN ON INVESTMENT FROM IPO SHARE PRICE
+50.1%
+77.6
-9.2%
-31.2%
Analysis as of July 12, 2016

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SHAKE SHACK IN OPERATION ONLY 11YEARS BEFORE IPO
Founded in 1977, Bojangles’had been in operation for 38 years prior to going public in 2015. Shake Shack is on the
other end of the spectrum,as it was only open for 11 years before its IPO.
1975 1980 1985 1990 1995 2000 2005 2010 2015
38Years
36Years 21Years
11Years
AVERAGE
26.5Years
Analysis as of July 12, 2016

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BOJANGLES’TTM REVENUE ALMOST DOUBLE SET AVERAGE
Company revenue for Bojangles’on the trailing twelve month period is over $500 million.Factoring in the
company’s franchised locations (which account for 43% of the operation),system-wide sales are an
estimated $1.2 billion.
$501,210,000
$275,530,000
$206,950,000
$81,020,000
Average,
$266,177,500
$0
$100,000,000
$200,000,000
$300,000,000
$400,000,000
$500,000,000
$600,000,000
BOJA FOGO SHAK WING
Trailing Twelve Month Revenue Comparison
Analysis as of July 12, 2016

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WING EV/REVENUE MORE THAN DOUBLE COMPETITORS
Wingstop’s enterprise value is $819.81 million,second best to Bojangles’$834.18 million.However,Wingstop’s
EV/Revenue ratio leads the set at 10.12 – more than double the average.This performance can again be attributed
to the majority of company units being franchised.
10.12
3.76
1.9 1.66
Average, 4.36
0
2
4
6
8
10
12
WING SHAK FOGO BOJA
Enterprise Value to Revenue Comparison
Analysis as of July 12, 2016

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WINGSTOP DOUBLES NEXT-BEST EBITDA % PERFORMANCE
Wingstop is operating with a staggering 34.1% EBITDA margin, which can again be attributed to 97% of its 663
total units being franchised.
34.1%
17.9%
14.5%
10.4%
Average, 19.2%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
WING FOGO BOJA SHAK
EBITDA % Comparisons
Analysis as of July 12, 2016

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AVERAGE EBITDA FOR SET IS $42.7 MILLION
Bojangles’leads the set for company EBITDA, largely attributed to itsTTM sales figures being almost double that of
its next competitor ($501.21 million for Bojangles’,versus $273.53 million for Fogo de Chao).
$72,640,000
$49,370,000
$27,620,000
$21,520,000
Average, $42,787,500
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
BOJA FOGO WING SHAK
Company EBITDA Comparisons
Analysis as of July 12, 2016

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SHAK & WING PERFORMING ABOVE AVERAGE ON EV/EBITDA
Shake Shack’s EV/EBITDA performance outpaces the competition – partially because the company EBITDA is the
lowest of the set at $21.5 million (about half of the overall set average).
36.13
29.68
11.48 10.61
Average, 21.98
0
5
10
15
20
25
30
35
40
SHAK WING BOJA FOGO
Enterprise Value to EBITDA Comparison
Analysis as of July 12, 2016

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WINGSTOP ONLY COMPANY WITH A DIVIDEND PAYOUT YET
$0 $0 $0$2.90 per share
Wingstop declared a special cash dividend on
June 30, 2016, to be paid July 15.This will be a
total dividend payout of $16.8 million.
Analysis as of July 12, 2016

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$386,540,000
$636,610,000
$737,350,000
$1,390,000,000
$0
$500,000,000
$1,000,000,000
$1,500,000,000
$2,000,000,000
$2,500,000,000
$3,000,000,000
$3,500,000,000
COMBINED MARKET CAPITALIZATION LEAD BY SHAKE SHACK
Collectively, the market
capitalization of the four
2015 restaurant IPOs is
$3.15 billion.
Shake Shack’s market
capitalization reached over
$3 billion alone at its peak in
May, 2015.The company is
now valued at $1.39 billion.
Analysis as of July 12, 2016

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$92.86, 5/22/15
Lockup Expiration,
7/29/15
$31.92, 1/13/16
$-
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
$90.00
$100.00
Historical Stock Performance
SHAKE SHACK SOARS,THEN LEVELS OUT
If investors had sold Shake Shack stock at its peak (May 2015),they would have been pocketing almost $72 per
share for an ROI of 342% (in less than five months).Even at it’s lowest trading price, $31.92 per share on January
13 of this year,Shake Shack would have returned nearly $11 per share.
Highest Possible ROI:
$71.86 per share, 342%
IPO Share Price
KEY STOCK PERFORMANCE&
OPERATING METRICS
TTM Revenue $206.95 M
Enterprise Value $777.7M
EBITDA $21.52M, 10.4%
Enterprise Value/Revenue 3.76
Enterprise Value/EBITDA 36.13
PEG Ratio 3.39
Profit Margin 5.02%
Return on Assets (ttm) 2.26%
Return on Equity (ttm) 5.02%
Total Unit Count 97 (39 international)
Average Unit Volume $2,133,505
Check Average $10.50
Year Founded 2004
CEO Randy Garutti
Analysis as of July 12, 2016

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$28.01, 6/1/15
Lockup Expiration,
11/14/15 $13.61, 2/11/16
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
Historical Stock Performance
BOJANGLES’ STILL RECOVERING AFTER DIP
After going public on May 8 2015, Bojangles’stock price peaked less than one month later on June 1 of last year at
a share price of $28.01. Selling then would’ve earned investors just over $9 per share, for an ROI of 47%.
Highest Possible ROI:
$9.01per share, 47%
IPO Share Price
KEY STOCK PERFORMANCE&
OPERATING METRICS
TTM Revenue $501.21 M
Enterprise Value $832.18 M
EBITDA $72.64M, 14.5%
Enterprise Value/Revenue 1.66
Enterprise Value/EBITDA 11.48
PEG Ratio 1.35
Profit Margin 6.17%
Return on Assets (ttm) 11.53%
Return on Equity (ttm) 19.53%
Total Unit Count 659 (57% franchised)
Average Unit Volume $1,838,717
Check Average $6.69
Year Founded 1977
CEO Clifton Rutledge
Analysis as of July 12, 2016

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$35.24, 8/3/15
$20.46, 11/17/15
Lockup Expiration,
12/6/15
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$40.00
Historical Stock Performance
WINGSTOP RECENTLY EVENS OUT
Wingstop,one of the two 2015 restaurant IPOswith a positive ROI,issued its IPO June 12 of last year.The stock price
bottomed out at $20.46 in November,which still would’ve earned investors $1.46 per share and an ROI of 7.7%.
Highest Possible ROI:
$16.24 per share, 85%
IPO Share Price
KEY STOCK PERFORMANCE&
OPERATING METRICS
TTM Revenue $81.02M
Enterprise Value $819.81M
EBITDA $27.62M, 34.1%
Enterprise Value/Revenue 10.12
Enterprise Value/EBITDA 29.68
PEG Ratio 2.67
Profit Margin 14.62%
Return on Assets (ttm) 13.49%
Return on Equity (ttm) N/A
Total Unit Count 663 (97% franchised)
Average Unit Volume $1,125,549
Check Average $16.00
Year Founded 1994
CEO Charles R. Morrison
Analysis as of July 12, 2016

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$26.19, 6/22/15
Lockup Expiration,
12/9/15
$12.22, 6/16/16
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
Historical Stock Performance
FOGO DE CHAO IN A STEADY DECLINE
Fogo de Chao peaked just three days after its IPO on June 19 of last year,and has been falling ever since.The last
time FOGO traded above its IPO Share Price of $20 was on August 14 of 2015.The stock price has been
declining steadily since,bottoming out at just $12.22 per share almost exactly a year after the FOGO IPO.
Highest Possible ROI:
$6.19 per share, 31%
IPO Share Price
KEY STOCK PERFORMANCE&
OPERATING METRICS
TTM Revenue $275.53 M
Enterprise Value $523.72 M
EBITDA $49.37M, 17.9%
Enterprise Value/Revenue 1.9
Enterprise Value/EBITDA 10.61
PEG Ratio 1.4
Profit Margin 10.59%
Return on Assets (ttm) 4.77%
Return on Equity (ttm) 12.17%
Total Unit Count 43 (11 international)
Average Unit Volume $6,407,674
Check Average $59.00
Year Founded 1979
CEO Larry Johnson
Analysis as of July 12, 2016

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CEO COMPENSATION COMPARISONS
Although Shake Shack CEO, Randy Garutti, takes home the lowest annual cash salary (at $400,000) of the four companies, he has a
total calculated compensation of over $6.6 million annually. Comparatively, Clifton Rutledge (Bojangles’), Charles R. Morrison
(Wingstop), and Larry Johnson (Fogo de Chao) have an average totalcompensation of about $964,000 each year.
SHAK BOJA WING FOGO
TTM Revenue $206,950,000 $501,210,000 $81,020,000 $275,530,000
EBITDA $ $21,520,000 $72,640,000 $27,620,000 $49,370,000
CEO Randy Garutti Clifton Rutledge Charles R. Morrison Larry Johnson
Age 40 51 48 63
CEO as of Date September 23, 2014 January 24, 2014 June 12, 2012 April 1, 2007
CEO Annual Salary $400,000 $510,558 $442,308 $738,485
CEO Total Calculated Compensation* $6,679,150 $965,874 $941,490 $986,285
CEO Salary (as % of Revenue) 0.2% 0.1% 0.5% 0.3%
CEO Salary (as % of EBITDA) 1.9% 0.7% 1.6% 1.5%
CEO Compensation (% of Revenue) 3.2% 0.2% 1.2% 0.4%
CEO Compensation (% of EBITDA) 31.0% 1.3% 3.4% 2.0%
*Total Calculated Compensation includes salary, bonus, stock options (exercisable & un-exercisable), and other long-term compensation.
Analysis as of July 12, 2016

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